With online personal loan apps becoming more and more popular, many potential borrowers are on the lookout for a guide on how to use them. And this article discusses exactly that.
In recent years, the digital nature of loan taking has made it possible for people to avail a personal loan online. Not only has the online route become more popular because it is faster and more convenient. Due to the pandemic, digital personal loan applications have significantly increased. Today, multiple lenders offer loans through their websites. Some financial institutions have taken this a step further with personal loan apps. Fullerton India personal loan app is an example of the same, targeting salaried applicants.
What’s even better is the fact that a wide variety of people are eligible for personal loans. Here are the eligibility criteria to get a personal loan from Fullerton India’s Instaloan app:
- You should be at least 21 years old to acquire a loan
- A credit score of over 750 is a must
- You should be salaried with a steady income with at least 1 year of work experience and a minimum of 6 months in the current organization
- Your minimum salary should be INR 25,000 per month (for applicants from metro cities) or INR 20,000 (for applicants from other locations)
- Senior citizens above the age of 60 or who are retired are not eligible
- Cash salary applicants will not be accepted
- You should have all the required documentation
Apart from these, most lenders, including Fullerton India also assess applicants based on various parameters such as the debt-to-income ratio, past repayment history, etc.
Documents Required
After the eligibility, the most important aspect of personal loan applications is submitting all the documents. These documents are essential to verify income, employment, address, etc. These documents are required as per the lender’s policy as well as regulatory guidelines. The required documents include-
- PAN
- Salary slips of the past 3 months
- Identity proof
- Bank statement of the last six months
- Age proof
- Address proof
Depending on the applicant’s profile and the lender’s policy, additional documents may be requested.
Having scanned copies of your original documents is a must when availing of a contactless personal loan through online loan apps. Since there is no one-on-one interaction with the lenders, you need to have your soft copies handy to make the uploading process faster.
Getting an Online Loan Successfully
Availing a personal loan through a loan app is very simple and can be done much faster if the following are taken care of:
- Your mobile number, Aadhaar Card, PAN and respective bank account must be linked / updated.
- The mobile number linked with your Aadhaar Card and bank account must be the same one with which you apply for the loan.
- The last 8 digits of the Aadhaar number in the copy you upload must be masked
- The net banking facility on your primary savings account (the one where you receive your salary) must be active.
- Your current address must be updated on all documents.
- You should be able to access, receive and send emails from the official email address you have provided.
- You must have original, hard copies of your primary documents with the correct, current address. It is needed to be able to complete the video KYC process.
Follow through with these pointers, and be rest assured that your online personal loan will be sanctioned in no time, subject to eligibility. Download Fullerton India Instaloan App now and get access to all the facilities that make loan taking a simple process
Online Personal Loan Interest Rates
Interest rates and affordability of a loan go hand in hand. It is the foundation for your loan and ensures that your financial health is not at risk in the future. Committing to an affordable loan also helps you be debt-free much sooner. Many people who have just been introduced to loan apps have a misconception of them having higher interest rates. This may be true of loan apps which calculate the interest rate on a monthly basis. However, Fullerton India’s Instaloan app provides personal loans at lower interest rates as they are calculated on a per annum basis.
Just because online personal loans are easier to get a hold of, it does not mean they have high rates of interest or higher processing charges than normal loans. Based on your income, existing debts, the organization you work for, the required loan amount, and your credit score, the interest rate for a Fullerton India personal loan can range from 11.99% to 36% per annum. The best way to decide is by comparing multiple loans in the market and picking one that caters to your needs the most.
Alongside following the above mentioned stepwise guide, an eligibility calculator is a great tool. It assists you in understanding the maximum loan amount you may be able to get depending on your repayment capacity.